Melinda J. Robison

Steve, I agree with the other agent. This is normal. Banks have absolutely no regard to dates. However, when they are ready to close watch out because they will demand it IMMEDIATELY! As the other agent used the word "drama" that is the best word in describing purchasing a short sale or a foreclosure! I would not be too worried, but know this is just a normal day in dealing with the banks. I know it is hard to wait, but if you are getting a good deal it should be worth it! - Fri Sep 5 2008, 20:09

Wow! John. I am so amazed by your question. I have never had a buyer ask me this. I think you might have a difficult time finding a top producing agent that really knows their stuff to accept these types of terms. I am guessing you are banking on the market being slow, but the best agents are hardly slow in this market.

Even if you do find an agent to do this, in the long run it could cost you more money. Especially if you want to see 100 houses like a lot of buyers out there! Not saying it doesn't exist...good luck. - Thu Aug 14 2008, 10:31

Bp, I always say in this market if you don't need to sell, don't! Short sales can have an effect on your credit. Not so sure you want to do that because it can effect a lot of things for you. Granted the sellers who thought they would hold out for a couple of years back in 2005 for example, probably would have been better off selling then, than now. However, you do have some time to deal with this dilema and see. Maybe it is best to wait and see if the economy goes up. I am not so sure that I would dive in right now and have it effect your credit. In 2011 it maybe necessary then to go for the short sale?

Don't get me wrong. It is great that you are being proactive, but you have some time to work with this and as lawmakers continue to change laws for the banks to work with you, maybe even a year from now they will have a good program that works for you to keep you in your home. Unless of course you don't want to.

I hope this information helps! Best Wishes! - Thu Aug 14 2008, 10:09

Hello Chris, I would highly suggest that you rely on your buyers agent. It is possible that the seller under paid for a property previously, but now they are selling it for true market value. It is also possible that the sellers are just trying to cover their mortgage. However, that is not really your problem what they mortgaged for it. The market is what it is. Again I would rely on your buyers agent that really knows the area and can help you determine what a good price is for the property.

Best Wishes! - Wed Aug 13 2008, 21:05

Kay, that is really up to the agent what they want to put on as a protection period. I have seen agents put up to 24 months on listings. That is their choice. I am not sure what you listing contact says, but I know in the area that I work if it is relisted with another real estate agent / broker that protection period is null and void. The protection period is more for when an agent brings in a buyer and the buyer and seller wait for the listing to expire and cut the agent out.

However, I agree with Kelly, you may want a real estate attorney review your particular contract. Best Wishes to you! - Sat Jun 28 2008, 11:59